I've just entered this trade. We are looking at an impulse move up, followed by a period of consolidation in a bullish flag pattern. Price has no broken up out of this area and now that the pullback is complete, I have entered.
I did consider moving the TP higher as the previous impulse move was strong but there is an equally strong area of resistance holding...
Buy FX:EURAUD now!
Oscillators: Stochastic .
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TP1: 1.62715 (50pip)
TP2: 1.62939 (70pip)
TP3: 1.63298 (110pip)
ENTRY: 1.62198 to 1.62310
Plan: This potential move is subjective to the price when the market opens today.
Looking for entry when the price reaches between 1.62198 to 1.62310. Will hold 3 positions for this pair. Once TP1 is hit will move SL to entry for remaining positions.
Price failed to break previous swing low suggesting we will see some upside. I think we will see price retrace back to 1.64 creating a right shoulders and new lower high signally a trend change I didn't get to post this position when I entered but there is still two entry opportunities on the chart. See next post for lower time frame entry.
EURAUD - Intraday - We look to Buy at 1.5955 (stop at 1.5910)
Broken out of the wedge to the downside. The 161.8% Fibonacci extension is located at 1.6012 from 1.6787 to 1.6308. Bespoke support is located at 1.5955. The conflicting views have resulted in the immediate outlook being hard to interpret. The selloff is close to an exhaustion count on the intraday...